ZENITH MINERALS LIMITED — Capital/Financing Update 2021

Jul 12, 2021

13[th] July 2021

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Corporate Details

ADDITIONAL HIGH-GRADE GOLD ZONES DEFINED AT SPLIT ROCKS

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Further high-grade gold drill results received from the remaining 64 aircore (AC) holes of a 100-hole program (totalling 4,732 metres) at the Split Rocks gold project in Western Australia.

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Initial 4m composite results from extensional drilling at Scott’s Grey provide very strong encouragement for further work, new results include:

Zenith Minerals Limited (ASX:ZNC)

ABN: 96 119 397 938

Issued Shares 294.4M Unlisted options 16.55M Mkt. Cap. ($0.26) A$76.4M Cash (31-Mar-21) A$3.1M Debt Nil

Directors

Peter Bird Exec Chair Michael Clifford Director-CEO Stan Macdonald Non-Exec Director Julian Goldsworthy Non-Exec Director Graham Riley Non-Exec Director Nicholas Ong CFO & Co Sec

Major Shareholders Directors ~7%	Major Shareholders Directors ~7%
HSBC Custody. Nom.	10.4%
BNP Paribas. Nom.	6.0%
Citicorp Nom	4.3%
Granich	4.1%

Our Vision

Zenith has a vision to build a gold and base metals business with a team of proven project finders.

Focus is on 100% owned Zenith projects, whilst partners progress multiple additional opportunities using partner funds.

Contact Us

Level 2, 33 Ord Street WEST PERTH WA 6005 PO Box 1426 WEST PERTH WA 6872 Telephone: (08) 9226 1110 Email:info@zenithminerals.com.au Web:www.zenithminerals.com.au

• 8m @ 4.1 g/t Au

• 4m @ 4.8 g/t Au, and

• 10m @ 0.9 g/t Au (eoh) incl. 4m @ 1.6 g/t Au

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Initial 4m composite results from confirmatory and extensional drilling at Dulcie North outline strong near surface gold mineralisation that requires follow-up, new results include:

• 16m @ 1.3 g/t Au incl 4m @ 2.9 g/t Au

• 4m @ 1.7 g/t Au, and

• 4m @ 1.6 g/t Au

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• Results are in addition to those recently announced for the first 36 holes of the program completed at Dulcie Far North (ASX Release 24-Jun-21), including:

• 3m @ 70.0 g/t Au (end of hole)

• 8m @ 2.5 g/t Au

• 8m @ 1.9 g/t Au, and

• 12m @ 1.0 g/t Au incl 4m @ 1.9 g/t Au

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Infill and extensional AC drilling is now required at Dulcie Far North, Dulcie North, Scott’s Grey & Estrella to be followed by RC drilling on these significant near surface gold results and at the adjoining Dulcie targets: Dulcie Laterite Pit & Water Bore.

Commenting on the new high-grade gold results, Chairman Peter Bird said: “These new gold results continue to demonstrate the prospective nature of the Split Rocks project. The drilling program had two aims both of which were successfully achieved - targeted drilling to assist in understanding the orientation and continuity of the mineralised structures such as at Scott’s Grey and Estrella and secondly extensional drilling to scope out the extents of mineralisation such as at Dulcie North and Dulcie Far North. We have now identified multiple mineralised structures that extend over a cumulative strike of more than 3km. The next phase of follow-up AC and RC drilling will focus on testing the continuity of gold mineralisation within the individual shear zones as we work towards building gold inventory.”

New Drill Results

A total of 100 AC holes were recently completed across 5 target areas as a first test for new zones of gold mineralisation and to extend other zones which had been poorly defined by previous wide-spaced or ineffective historic drilling. The 5 target zones include: Dulcie Far North, Dulcie North, Dulcie West, Scott Grey and Estrella. Drilling has been highly successful in outlining high-grade gold mineralisation at 4 of the 5 target zones (Figures 2 - 5). The assays results are based on initial 4m composite samples and mineralised zones will now be resampled at 1m intervals.

Dulcie Far North - The holes along with previous Zenith AC and historic drilling on lines 100m to 200m apart outline a zone of gold mineralisation 1km long x 300m wide. Results from hole ZDAC339 are particularly significant returning 3m @ 70 g/t Au from 44m depth to the end of the drill hole which terminated in a zone of intense quartz veining close to a basalt – banded iron formation contact (as previously reported 24-Jun-21).

Scott’s Grey - results from extensional drilling at Scott’s Grey provide very strong encouragement for further work. New results include 8m @ 4.1 g/t Au – an up-dip extension to gold zones previously defined by Zenith surrounding the Scott’s Grey workings (Figure 4), 10m @ 0.9 g/t Au (eoh) incl. 4m @ 1.6 g/t Au – a potential new gold zone southwest of Scott’s Grey, and 4m @ 4.8 g/t Au a new zone of gold mineralisation 100m northeast of the historic workings that remains open to the east, north and south.

Dulcie North - results from confirmatory and extensional drilling, in an area where there is some doubt as to the location of historic drill holes, outline strong near surface gold mineralisation that requires follow-up aircore and RC testing, new results include: 16m @ 1.3 g/t Au incl 4m @ 2.9 g/t Au and 4m @ 1.7 g/t Au, and 4m @ 1.6 g/t Au (Figure 5).

Estrella – Three additional drill holes were completed to assess the orientation of gold mineralisation intersected by Zenith in an earlier AC drilling program that returned 2m @ 9.8 g/t Au and 1m @ 7.1g/t Au . The new hole ZAC356 drilled between these two intersections confirms a shallow dip to mineralisation with 4m @ 0.9 g/t Au indicating a potential northerly plunge that will be assessed with a further follow-up program.

Dulcie West – no significant results were returned from the recent broad spaced aircore drill program.

Note Zenith retains gold rights at Dulcie Far North, Dulcie North, Dulcie Laterite Pit Zone and Scott’s Grey below 6m, subject to the Dulcie option agreement (refer to ASX Release 21-Mar-19).

- Split Rocks Project Background on Gold Potential

A major targeting exercise by the Company’s geological team initially identified 12 high-quality gold drill targets at Split Rocks, subsequently expanded to 18 targets in the north-eastern sector of the Company’s 100% owned tenure (Refer to ZNC ASX Release 2 September 2020).

Drilling to date has tested 12 targets (results awaited for Dulcie West) with outstanding first pass results returned at (ASX Release 5-Aug-20, 2-Sep-20, 19-Oct-20, 28-Oct-20, 15-Ja-21, 11-Mar-21, 21-Apr-21, 24-Jun-21):

• Dulcie North: 32m @ 9.4 g/t Au, incl 9m @ 31.4 g/t Au

• Dulcie Laterite Pit:

• 2m @ 14.5 g/t Au, incl. 1m @ 20.8 g/t Au,

• 18m @ 2.0 g/t Au (EOH) incl. 1m @ 23.7 g/t Au

• 14m @ 3.5 g/t Au

• ▪ 3m @ 17.9 g/t Au

• Estrela Prospect: 2m @ 9.8 g/t Au

• Dulcie Far North: 5m @ 5.6 g/t Au incl. 4m @ 6.8 g/t Au, 3m @ 70 g/t Au

• Water Bore: 3m @ 6.6 g/t Au

A further 7 of the 18 targets generated by Zenith extending over 18km of strike are yet to have first pass drill testing.

Infill and extensional aircore drilling is now required at Dulcie Far North, Dulcie North and Scott’s Grey to be followed by RC drilling on the significant near surface gold results at the 4 Dulcie targets, Dulcie Laterite Pit, Dulcie North, Dulcie Far North & Water Bore. are planned.

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Figure 1- Split Rocks Project Location Map Showing Zenith tenements, Dulcie Heap Leach Gold Operation (DHLGO*) Prospect and Regional Gold Endowment. (*Gold rights below 6m subject to option agreement).

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Figure 2: Split Rocks Project Gold Targets and Significant RC - Aircore Drill Results (yellow captions) showing gold drill targets, and areas of Planned Drilling

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Figure 3: Split Rocks Gold Project Drill Results and Target Areas (Dulcie Laterite Pit Area shallow third
party <75m depth and ineffective drill holes are not shown)
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Figure 4: Split Rocks Gold Project Scott’s Grey Cross Section A-A’ with Drill Results

(for details of historic results refer to previous ZNC ASX releases dated 28-Oct-19, 14-Feb-20 & 24-Jun-21)

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Figure 5: Dulcie North – Cross Section with Drill Results

(for details of historic results refer to previous ZNC ASX release dated 5-Aug-20 and Tables 3 & 4)

Table 1: Significant New Gold Intersections from Zenith Aircore Drilling (4m composites)

Prospect					Au Grade (g/t)
	Hole ID	From (m)	To (m)	Interval
				(m)
Estrela	ZAC355				NSR
	ZAC356	20	24	4	0.9
	ZAC357				NSR
Dulcie West	ZAC358 to ZAC389				NSR
Scott’s Grey	ZAC390				NSR
	ZAC391	0	4	4	0.4
	and	20	28	8	4.1
	ZAC392	40	50(eoh)	10	0.9
	incl	40	44	4	1.6

Prospect					Au Grade (g/t)
	Hole ID	From (m)	To (m)	Interval
				(m)
	ZAC393	20	26(eoh)	6	0.6
	ZAC394	0	4	4	0.5
	ZAC395	12	16	4	4.8
	ZAC396	0	4	4	0.5
	and	36	40	4	0.9
	ZAC397				NSR
	ZAC398				NSR
Dulcie North	ZAC399	36	39(eoh)	3	0.4
	ZAC400	40	44(eoh)	4	0.5
	ZAC401	0	4	4	3.5
	ZAC402	0	4	4	0.4
	ZAC403	0	4	4	0.6
	and	36	40	4	0.5
	ZAC404	0	4	4	0.7
	and	52	56	4	0.5
	ZAC405	44	52	8	0.7
	ZAC406				NSR
	ZAC407	0	4	4	0.6
	ZAC408	0	4	4	0.5
	ZAC409	0	4	4	0.5
	ZAC410	0	4	4	2.5
	ZAC411	0	16	16	1.3
	incl	0	4	4	1.5
	and incl	12	16	4	2.9
	ZAC412	32	36	4	1.6
	ZAC413				NSR
	ZAC414				NSR
	ZAC415				NSR
	ZAC416				NSR
	ZAC417	36	40	4	1.7
	ZAC418				NSR
	ZAC419				NSR

Note: Zenith has gold rights below 6m from surface only. High-grade intersections are length weighted average grades with minimum cut -off grade of 1.0g/t Au and no internal dilution, whilst lower grade intersections are length weighted average grades with minimum cut-off grade of 0.4g/t Au and maximum internal dilution of 4m. NSR = No significant result.

Table 2: Drill Hole Collar Locations - Zenith Aircore

Prospect	Hole ID	**Hole_Type **	Easting	Northing	Depth(m)	Dip	Azimuth
Estrela	ZAC355	AC	746994	6477177	31	-60	50
	ZAC356	AC	746957	6477147	41	-60	50
	ZAC357	AC	746923	6477117	53	-60	50
Dulcie West	ZAC358	AC	745488	6481177	30	-90	0
	ZAC359	AC	744999	6481582	43	-60	73
	ZAC360	AC	744954	6481561	73	-60	73
	ZAC361	AC	744902	6481550	78	-60	73

	ZAC362	AC	744857	6481533	79	-60	73
	ZAC363	AC	744806	6482029	28	-60	73
	ZAC364	AC	744756	6482009	46	-60	73
	ZAC365	AC	744710	6481995	78	-60	73
	ZAC366	AC	744783	6482021	53	-60	73
	ZAC367	AC	744604	6482849	37	-60	73
	ZAC368	AC	744555	6482837	28	-60	73
	ZAC369	AC	744516	6482809	40	-60	73
	ZAC370	AC	744467	6482795	51	-60	73
	ZAC371	AC	744421	6482776	77	-60	73
	ZAC372	AC	744376	6482760	78	-60	73
	ZAC373	AC	744446	6482786	45	-60	73
	ZAC374	AC	744444	6483392	45	-60	73
	ZAC375	AC	744406	6483376	41	-60	73
	ZAC376	AC	744360	6483359	45	-60	73
	ZAC377	AC	744307	6483342	46	-60	73
	ZAC378	AC	744262	6483324	61	-60	73
	ZAC379	AC	744212	6483308	67	-60	73
	ZAC380	AC	744176	6483279	78	-60	73
	ZAC381	AC	743943	6484063	78	-60	73
	ZAC382	AC	743895	6484048	66	-60	73
	ZAC383	AC	743800	6484019	60	-60	73
	ZAC384	AC	744249	6483740	48	-60	73
	ZAC385	AC	744195	6483726	57	-60	73
	ZAC386	AC	744148	6483710	71	-60	73
	ZAC387	AC	744098	6483688	58	-60	73
	ZAC388	AC	744048	6483677	60	-60	73
	ZAC389	AC	744005	6483659	75	-60	73
Scott’s Grey	ZAC390	AC	746104	6482532	30	-60	73
	ZAC391	AC	746068	6482521	40	-60	73
	ZAC392	AC	746012	6482432	50	-60	73
	ZAC393	AC	746051	6482594	27	-60	73
	ZAC394	AC	746094	6482599	43	-60	73
	ZAC395	AC	746121	6482656	45	-60	73
	ZAC396	AC	746081	6482645	54	-60	73
	ZAC397	AC	746048	6482636	26	-60	73
	ZAC398	AC	746011	6482624	35	-60	73
Dulcie North	ZAC399	AC	745908	6483717	39	-60	73
	ZAC400	AC	745811	6483796	44	-60	73
	ZAC401	AC	745690	6483731	51	-60	160
	ZAC402	AC	745708	6483679	24	-60	160
	ZAC403	AC	745740	6483694	50	-60	160
	ZAC404	AC	745726	6483739	59	-60	160
	ZAC405	AC	745724	6484058	61	-60	73
	ZAC406	AC	745699	6484050	49	-60	73
	ZAC407	AC	745661	6484048	50	-60	73
	ZAC408	AC	745624	6484042	28	-60	73

	ZAC409	AC	745587	6484039	21	-60	73
	ZAC410	AC	745553	6484011	48	-60	73
	ZAC411	AC	745515	6483997	64	-60	73
	ZAC412	AC	745473	6483986	43	-60	73
	ZAC413	AC	745822	6483903	22	-60	73
	ZAC414	AC	745792	6483888	33	-60	73
	ZAC415	AC	745751	6483882	39	-60	73
	ZAC416	AC	745719	6483867	48	-60	73
	ZAC417	AC	745677	6483855	53	-60	73
	ZAC418	AC	745628	6483840	47	-60	73
	ZAC419	AC	745567	6483825	26	-60	73

Table 3: Significant Historical Gold Intersections

Prospect					Au Grade (g/t)
	Hole ID	From (m)	To (m)	Interval
				(m)
Dulcie North	PR-02	0	13	13	1.1
	PR-22	0	8	8	2.5
	PR-03	0	8	8	1.7
	PR-04	0	14	14	1.8
	PR-34	37	42	5	0.6
	PR-40	44	49	5	1.0
	PR-40	36	38	2	1.7
	PR-35	37	44	7	1.2
	PR-35	52	56	4	0.9
	PR-23	0	9	9	1.5

Note: Zenith has gold rights below 6m from surface only. High-grade intersections are length weighted average grades with minimum cut -off grade of 1.0g/t Au and no internal dilution, whilst lower grade intersections are length weighted average grades with minimum cut-off grade of 0.4g/t Au and maximum internal dilution of 4m. NSR = No significant result. Refer to JORC Tables in ZNC ASX release 24-Jun-21 for details of sampling techniques of holes with PR* prefix.

Table 2: Drill Hole Collar Locations – Historical Holes

Prospect	Hole ID	**Hole_Type **	Easting	Northing	Depth(m)	Dip	Azimuth
Dulcie North	PR-02	RAB	745519	6484008	15	-60	074
	PR-22	RAB	745518	6484023	15	-90	-
	PR-03	RAB	745529	6484023	15	-60	074
	PR-04	RAB	745521	6484023	15	-60	074
	PR-34	RAB	745477	6483983	51	-60	074
	PR-40	RAB	745463	6484003	51	-60	074
	PR-35	RAB	745474	6483983	51	-90	-
	PR-23	RAB	745517	6484003	30	-60	074

For further information please refer to the Company’s website or contact the Company directly.

Authorised for release by the Zenith Minerals Limited Board of Directors – 13[th] July 2021 For further information contact Zenith Minerals Limited:

Directors Michael Clifford or Peter Bird E: mick@zenithminerals.com.au / peter@zenithminerals.com.au (Phone +61 8 9226 1110)

Competent Persons Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Michael Clifford, who is a Member of the Australian Institute of Geoscientists and an employee of Zenith Minerals Limited. Mr Clifford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Clifford consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Material ASX Releases Previously Released

The Company has released all material information that relates to Exploration Results, Mineral Resources and Reserves, Economic Studies and Production for the Company’s Projects on a continuous basis to the ASX and in compliance with JORC 2012. The Company confirms that it is not aware of any new information that materially affects the content of this ASX release and that the material assumptions and technical parameters remain unchanged.

About Zenith

Zenith has a vision to build a gold and base metals business with a team of proven project finders. Focus is on 100% owned Zenith projects, whilst partners progress multiple additional opportunities using third party funds.

Zenith is continuing to focus on its core Australian gold and copper projects including:

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• Red Mountain Gold Project in Queensland (100% owned) where ongoing drilling is following-up the highgrade near surface gold and silver intersected in the maiden & subsequent drill programs (ASX Releases 3- Aug-20 & 13-Oct-20, 9-Nov-20, 21-Jan-21), including:

• 13m @ 8.0 g/t Au & 3.2 g/t Ag from surface

• 15m @ 3.5 g/t Au, incl. 2m @ 22.4 g/t Au

• 5m @ 10.4 g/t Au, and

• 12m @ 4.9 g/t Au

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• Split Rocks Gold Project in Western Australia (100% owned), where recent drilling returned, high-grade near surface gold mineralisation at multiple targets (ASX Release 5-Aug-20, 2-Sep-20, 19-Oct-20, 28-Oct-20, 15Ja-21, 11-Mar-21, 21-Apr-21, 24-Jun-21), including:

• Dulcie North: 32m @ 9.4 g/t Au, incl 9m @ 31.4 g/t Au.

• Dulcie Laterite Pit:

  • 2m @ 14.5 g/t Au, incl. 1m @ 20.8 g/t Au,

  • 18m @ 2.0 g/t Au (EOH) incl. 1m @ 23.7 g/t Au &

  • ▪ 14m @ 3.5 g/t Au

• Estrela Prospect: 2m @ 9.8 g/t Au (open to north & south)

• Dulcie Far North: 5m @ 5.6 g/t Au incl. 4m @ 6.8 g/t Au, 3m @ 70 g/t Au

• o Water Bore: 3m @ 6.6 g/t Au

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• Develin Creek Copper-Zinc Project in Queensland (100% owned) – maiden drill test of the new Snook copper target located 30km south of Zenith’s JORC resources discovers massive copper-zinc sulphides (ASX Release 17-Dec-20). Drill results from Sulphide City include: 29m @ 2.3% Cu, 1.2% Zn, 0.3g/t Au, 4.2 g/t Ag (ASX Release 5-Jul-21).

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• Jackadgery Gold Project in New South Wales (option to earn initial 90%), historic trenching returned 160m @ 1.2 g/t Au. No drilling to date. Zenith planning maiden drill test (ASX Release 10-Sep-20).

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• Earaheedy Zinc Project in Western Australia (25% free carry to end BFS). New major zinc discovery to be fast tracked with extensive accelerated exploration program underpinned by a recent $40M capital raising by partner Rumble Resources Limited (ASX:RTR) (ASX Releases 28-Apr-21 & 2-Jun-21).

JORC Tables

Section 1 Sampling Techniques and Data for Zenith Aircore Drilling

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.	4m composite aircore drill samples were collected at depths ranging from 0 to 56m depth. Samples were collected via a cyclone.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Samples are representative of the intervals sampled.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	Aircore drilling was used to obtain 4 m composite from which 2 kg was pulverised with analysis for gold by 50g fire assay with AAS finish
Drilling techniques	Drill type (e.g. core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc.).	Aircore
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Samples were visually assessed in the field and using an estimated bulk density compared against theoretical mass to estimate recovery.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Aircore ensured good recoveries through-out the drill program, holes that ended in high-water ingress were terminated to ensure adequate sample recovery.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Acceptable overall sample recoveries through-out drill program no bias likely.

Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	All drill samples were logged by a qualified geologist and descriptions recorded in a digital data base.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	Qualitative logging, representative sample retained for each drill metre.
	The total length and percentage of the relevant intersections logged.	100%
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	No core
	If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.	Cone splitter for each 4m composite sample.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Samples were analysed at Nagrom Laboratories in Perth, 2 kg was pulverised and a representative subsample was analysed for gold by 50g fire assay with AAS finish.
	Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.	~200g of sample was pulverised and a sub-sample was taken in the laboratory and analysed.
Sub-sampling techniques and sample preparation - continued	Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.	Duplicate samples were taken in the field and analysed as part of the QA/QC process
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Each sample was approximately 2kg in weight which is appropriate to test for the grain size of material sampled.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Samples were analysed at Nagrom Laboratories in Perth, 2 kg was pulverised and a representative subsample was analysed for gold by 50g fire assay with AAS finish.
	For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	No geophysical tools used in this program.
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Blanks, certified reference material for gold, and duplicate samples were included in the analytical batches and indicate acceptable levels of accuracy and precision.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	At least 2 Zenith company personnel have been to the prospect area and observed samples and representative drill chip samples
	The use of twinned holes.	Nil

	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Field data were all recorded on paper logs and sample record books and then entered into a database
	Discuss any adjustment to assay data.	No adjustments were made.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Sample location is based on GPS coordinates +/-5m accuracy.
	Specification of the grid system used.	The grid system used to compile data was MGA94 Zone 50
Location of data points – continued	Quality and adequacy of topographic control.	Topography control is +/- 10m.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Refer to Figures 2 - 7
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	There is insufficient information to calculate a mineral resource
	Whether sample compositing has been applied.	Simple weight average mathematical compositing applied
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	All Zenith drilling is -60 degrees east and is close to representing true width thickness of the west dipping gold mineralisation, based on the current geological interpretation. Further drilling is required to confirm this interpretation.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	No bias based on current interpretation.
Sample security	The measures taken to ensure sample security.	All samples were taken by Zenith personnel on site and retained in a secure location until delivered directly to the laboratory by Zenith personnel.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	The sampling techniques and data have been reviewed by two company personnel who are qualified as Competent Persons

Section 1 Sampling Techniques and

Data – Historic Drill Holes

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.	Historical drill holes: CUR RAB holes were drilled by Thames Mining NL in 1985 & 1986. Samples were collected as 3m composites (WAMEX Open file reports a18004 & 19521). CURC RC holes were drilled by Thames Mining NL in 1986. Samples were collected as 2m composites (WAMEX Open file report a19554). PR- RAB holes were drilled by Gwalia Minerals NL in 1988. Samples were collected as 3m composites with some later re- sampling at 1m (WAMEX Open file report a37134). dac aircore holes were drilled by Aztec Mining Ltd in 1992. Samples were collected as 5m composites (WAMEX Open file report a37803). P7SRC RC holes were drilled by Gasgoyne Gold Mines in 1995-96. Samples were collected as 2m composites with some later re-sampling at 1m (WAMEX Open file report a49187). DHRC RC holes were drilled by Sons of Gwalia Ltd in 1996. Samples were collected as 4m composites with some later re-sampling at 1m (WAMEX Open file report a52864). PSA aircore holes were drilled by Sons of Gwalia Ltd in 1996-97. Samples were collected as 4m composites with some later re-sampling at 1m (WAMEX Open file report a53374). PDR & PSR RAB and PDA aircore holes were drilled by Sons of Gwalia Ltd in 1998. Samples were collected as 3m composites with some later re-sampling at 1m (WAMEX Open file reports a58137 & a62999). LDRC RC holes were drilled by Crusader Holdings NL in 2004. Samples were collected as 4m composites with some later re-sampling at 1m (WAMEX Open file report a68752). DLRC RC holes were drilled by Southern Cross Goldfields Ltd in 2009-2010. Samples were collected as 4m composites with some later re-sampling at 1m (WAMEX Open file reports a85232 & a88742). DRC RC holes were drilled by Sons of Gwalia Ltd in 1998 (a62999). Three metre composite samples were collected from each hole and submitted to Ultra Trace Laboratories in Perth for analysis. DR RAB holes were drilled by Kia Ora Gold Corporation NL in 1986. Samples were speared as 4m composites (a20282)

		dl RAB holes were drilled by Aztec Mining Company Limited in 1992. Samples were collected as 5m composite with some re-sampling at 1m (a37803). DLP RC holes were drilled by Aztec Mining Company Limited in 1992 and 1993. Samples were riffle split and collected as 5m composites. FDUP RC holes were drilled by Forrestania Gold in 1998 (a106454). P7A aircore holes were drilled by Sons of Gwalia in 1998. Samples were collected as 3m composites (a56455). Zenith drilling is progressively validating previous drill results by follow-up drill programs.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Historical samples are considered to be representative of the intervals sampled. Industry standard practice is assumed.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	Historical drilling: Historical RAB and RC drilling were used to obtain 1 to 5m composite samples which were analysed for gold following diverse methods (see below).
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, _etc.). _	Historical drilling: RAB, aircore and RC
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Drill chip recoveries are not documented in historical reports. Appropriate controls will be put in place in future infill drilling programmes. With the exception of some RC drill holes completed by Crusader Resources that had some wet samples that were reported as having poor recoveries (a68752) it is assumed that most samples have been drilled dry and that acceptable recoveries have been achieved.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Not documented in historical drilling.

	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Not documented in historical drilling.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Historical drill samples were logged by qualified geologists.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	Historical logging was qualitative.
	The total length and percentage of the _relevant intersections logged. _	All historical intersectionswerelogged.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	No core
	If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.	Different methods were used with historical samples. When reported, generally 1m samples from cyclones were riffle split and composited to final sample. Samples were generally dry but some were reported as wet.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	CUR RAB samples were analysed at Analabs Laboratories at Welshpool (WA) using Fire Assay followed by AAS determination. CURC assaying methods and laboratory were not reported. PR- samples were analysed at Kal Assays Southern Cross Pty Ltd in Southern Cross (WA) using aqua regia digestion followed by AAS determination. Re-sampling assayed via Fire assay. dac samples were analysed at ALS laboratory in Perth (WA) using aqua regia (50g) digestion followed by AAS determination. P7SRC samples were analysed at Yilgarn Assay Laboratory in Southern Cross (WA) using aqua regia (AR50) digestion followed by an unreported determination method. DHRC assaying methods and laboratory were not reported. PSA samples were analysed at ALS laboratory in Perth (WA) using aqua regia digestion followed by an unknown determination method. Re-sampling assayed via Fire assay. PDR , PSR & PDA samples were analysed at Ultra Trace Laboratories in Perth (WA) using an aqua regia digestion followed by ICP-MS/OES determination. Re- sampling assayed at ALS laboratory in Perth (WA) via aqua regia followed by graphite furnace/AAS determination. LDRC* samples were analysed at Leonora Laverton Assay Laboratory in Southern Cross (WA) using cyanide leaching (PAL1). Re-sampling assayed via 40g Fire assay.

		DLRC samples were analysed at Ultra Trace Perth (WA) using Fire Assay (FA002) followed by ICPOES determination. Hole DRC005 was assayed for Au and Ni using an aqua regia digestion followed by ICP-MS determination. Anomalous samples were re-split to 1m intervals and assayed for Au, Pd and Pt by fire assay/ICP-OES. DR samples were analysed at Kalgoorlie Assay Laboratories (Kalgoorlie) and were assayed by AAS method. dl samples were analysed at Analabs (Perth) using an aqua regia digestion followed by AAS determination. DLP samples were analysed at Analabs (Perth) using an aqua regia digestion followed by AAS determination. FDUP samples were analysed by Fire Assay. No other information is available. P7Aassay method was not documented.
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	Standard industry laboratory procedures are assumed to have been in place following pulverising of the sample material (80% passing 75um).
Sub-sampling techniques and sample preparation - continued	Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.	Historical drilling: Field duplicate or second half sampling is generally not stated in historical reports; selected repeat samples from the PDR & PDA series were sent to ALS Laboratories in Perth and assayed for gold using an aqua regia digestion followed by graphite furnace / AAS determination (a62999).
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Historical Drilling: Sample sizes are assumed to be following industry standards and appropriate.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	CUR RAB samples were analysed at Analabs Laboratories at Welshpool (WA) using Fire Assay followed by AAS determination. CURC assaying methods and laboratory were not reported. PR- samples were analysed at Kal Assays Southern Cross Pty Ltd in Southern Cross (WA) using aqua regia digestion followed by AAS determination. Re-sampling assayed via Fire assay. dac samples were analysed at ALS laboratory in Perth (WA) using aqua regia (50g) digestion followed by AAS determination. P7SRC* samples were analysed at Yilgarn Assay Laboratory in Southern Cross (WA) using aqua regia (AR50) digestion followed by an unreported determination method.

		DHRC assaying methods and laboratory were not reported. PSA samples were analysed at ALS laboratory in Perth (WA) using aqua regia digestion followed by an unknown determination method. Re-sampling assayed via Fire assay. PDR , PSR & PDA samples were analysed at Ultra Trace Laboratories in Perth (WA) using an aqua regia digestion followed by ICP-MS/OES determination. Re- sampling assayed at ALS laboratory in Perth (WA) via aqua regia followed by graphite furnace/AAS determination. LDRC samples were analysed at Leonora Laverton Assay Laboratory in Southern Cross (WA) using cyanide leaching (PAL1). Re-sampling assayed via 40g Fire assay. DLRC samples were analysed at Ultra Trace Perth (WA) using Fire assay. Hole DRC005 was assayed for Au and Ni using an aqua regia digestion followed by ICP-MS determination. Anomalous samples were re-split to 1m intervals and assayed for Au, Pd and Pt by fire assay/ICP-OES. DR samples were analysed at Kalgoorlie Assay Laboratories (Kalgoorlie) and were assayed by AAS method. dl samples were analysed at Analabs using an aqua regia digestion followed by AAS determination. DLP samples were analysed at Analabs (Perth) using an aqua regia digestion followed by AAS determination. FDUP samples were analysed by Fire Assay. No other information is available. P7Aassay method was not documented.
	For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	No geophysical tools used in this drilling program
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Historical drilling: The QA/QC controls are not well documented in historical reports. selected repeat samples from the PDR, PSR & PSA* series were sent to ALS Laboratories in Perth and assayed for gold using an aqua regia digestion followed by graphite furnace / AAS determination (a62999). Thirteen successive drilling campaigns by seven different companies analysed by at least six separate laboratories have confirmed the presence of bedrock gold mineralisation and provide comfort that significant bedrockgoldmineralisationexists.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Historical drilling: Thirteen successive drilling campaigns by seven different companies analysed by at least six separate

		laboratories have confirmed the presence of bedrock gold mineralisation.
	The use of twinned holes.	No specific twin hole drilled but thirteen successive drilling campaigns by seven different companies analysed by at least six separate laboratories have confirmed the presence of bedrock gold mineralisation.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Historical drilling: Field data were recorded on paper logs.
	Discuss any adjustment to assay data.	No adjustments were made.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Historical drilling: Original drill collar locations based on compass and tape surveys or GPS depending on year of drilling. Selected drill hole collar locations have been verified in the field using GPS with +/- 3m accuracy. Some more recent drilling surveyed using a carrier-phase enhancement GPS (a85232).
	Specification of the grid system used.	The grid system used to compile data was MGA94 Zone 50
Location of data points - continued	Quality and adequacy of topographic control.	Topography control is +/- 5m
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Drill holes shown in Figures 3 & 4 and Tables 3 & 4
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	The data alone will not be used to estimate mineral resource or ore reserve.
	Whether sample compositing has been applied.	Different methods were used with historical samples. When reported, generally 1m samples from cyclones were riffle split and composited to final sample. Samples were generally dry but some were reported as wet.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	The intersections in all drill holes are interpreted to be close to true widths.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	As above
Sample security	The measures taken to ensure sample security.	Historical drilling: Industry standards areinferred tohave beenused.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	Historical drilling: No specific audit documented but at least four successive drilling campaigns by different companies analysed by at least two separate laboratories have confirmed the presence ofbedrockgoldmineralisation.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	Zenith announced on the 21stMarch 2019 that it has a 2- year option(subsequently extended by a year) to explore for bedrock gold (any gold 6 metres below surface) and lithium mineralisation on tenements covering the operating Dulcie Heap Leach Gold Project (DHLGO) in exchange for surface laterite gold rights on Zenith’s adjoining exploration licence E77/2388. Zenith may at its sole election exercise the option through the payment of a 2% NSR royalty payable on any future bedrock gold production from the DHLGO project area. The project is located predominantly in vacant crown land.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Tenements are mining leases and prospecting leases, current heap leach operation is active, no known impediments to obtain a licence to operate.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Refer to ASX release 21stMarch 2019.
Geology	Deposit type, geological setting and style of mineralisation.	Archean mesothermal lode gold mineralisation hosted within banded iron formation (BIF) and mafic rock types.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:	Refer to Figures and Tables in body of text of this ASX release.
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
Data aggregation	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	High-grade intersections are length weighted average grades with minimum cut -off grade of 1.0g/t Au and no internal dilution, whilst lower grade intersections are length weighted average grades with minimum cut-off grade of 0.4g/t Au and maximum internal dilution of 4m.
methods	Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	As above and included in Tables

Data aggregation methods - continued	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalents used.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	Drilling is angled -60 degrees east or vertical and based on current interpretation is thought to be representing true width thickness of the flat lying supergene or gentle west dipping gold mineralised zones however further drilling is required to confirm this interpretation.
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	As above
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	Mineralised intervals reported are down-hole lengths but are believed to be close to true thickness
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Refer to Figures and Tables in body of text of this ASX release.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Refer to Figures and Tables in body of text of this ASX release.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	No other meaningful or material exploration data to be reported at this stage.
	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).	Follow-up drilling planned.
Further work	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Refer to figures in body of this report.